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Security Details
- Coupon Rate
- 7.63%
- Liquidation Preference
- $25.00
- Call Price
- $25.00
- Call / Redemption Date
- 7/12/2010
- Maturity Date
- None
- Distribution Period
- Q
- Rate Type
- Fixed
- Annual Distribution
- 1.91
- Distribution Dates
- 1/15, 4/15, 7/15 & 10/15
- Credit Ratings
- Moody's Caa3 · S&P CCC- (2/20/2024)
- Tax-Advantaged Dividends
- Yes
Security Profile
- CUSIP
- 442487112
- Market Cap
- Small Cap
- IPO
- 7/1/2005 · $25.00/share
- Previous Symbol
- HOVVP (changed 7/25/2005)
- Parent Company
- Hovnanian Enterprises, Inc. (HOV)
Business: Hovnanian Enterprises, Depositary Shares each representing 1/1000 of a share of 7.625% Series A Preferred Stock, liquidation preference $25 per depositary share, redeemable at the issuer's option on or after 7/12/2010 at $25 per depositary share plus declared and unpaid dividends, and with no stated maturity. Non-cumulative distributions of 7.625% ($1.90625) per annum are paid quarterly on 1/15, 4/15, 7/15 & 10/15 to holders of record on 1/1, 4/1, 7/1 & 10/1 respectively (NOTE: the ex-dividend date is one business day prior to the record date). Dividends paid by this preferred security are eligible for the preferential income tax rate of 15% to a maximum of 20% depending on the holder's tax bracket (and under IRS specified holding restrictions) and are also eligible for the dividends received deduction for corporate holders. In regards to payment of dividends and upon liquidation, the preferred shares rank equally with other preferreds and senior to the common shares of the company. See the IPO prospectus for further information on the preferred stock by clicking on the ‘Link to IPO Prospectus’ provided below.
Notes: From the 10K filing dated 10/31/2019 "The indentures governing our outstanding debt securities and our credit facilities impose certain restrictions on our and certain of our subsidiaries’ operations and activities. The most significant restrictions relate to debt incurrence (including non-recourse indebtedness), creation of liens, repayment of certain indebtedness prior to its respective stated maturity, sales of assets (including in certain land banking transactions), cash distributions, (including paying dividends on common and preferred stock), capital stock repurchases, and investments by us and certain of our subsidiaries (including in joint ventures). Because of these restrictions, we are currently prohibited from paying dividends on our common and preferred stock and anticipate that we will remain prohibited for the foreseeable future."
Company Contact
- CEO
- Ara K. Hovnanian
- CFO
- J. Larry Sorsby
- Headquarters
- 90 Matawan Road, Fifth Floor, Matawan, NJ
- Phone
- 732-747-7800
- Investor Relations
- Jeffrey T. O'Keefe · 732-383-2702 · jokeefe@khov.com